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In a sign that Korea’s consumer contraction is deepening, sales at major discount outlets and department stores dropped from a year earlier for the third consecutive month in August.
According to a report released Monday by the Ministry of Knowledge Economy, the nation’s three biggest supermarket chains ― Lotte Mart, E-Mart and Homeplus ― saw their combined sales fall 3.3 percent on-year last month. The three biggest department stores also suffered a decline of their sales by 6.9 percent.
Analysts and officials said the forced closure of large discount outlets every other Sunday contributed to the continued sales drop.
(claire@heraldcorp.com)
According to a report released Monday by the Ministry of Knowledge Economy, the nation’s three biggest supermarket chains ― Lotte Mart, E-Mart and Homeplus ― saw their combined sales fall 3.3 percent on-year last month. The three biggest department stores also suffered a decline of their sales by 6.9 percent.
Analysts and officials said the forced closure of large discount outlets every other Sunday contributed to the continued sales drop.
(claire@heraldcorp.com)
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Articles by Korea Herald
